Nowadays, majority of organizations cover their staff under a group health insurance in India. But, most employees tend to entirely rely on the group coverage provided by employers for insuring their health.
While the group health insurance policy comes with a wide range of benefits such as cover for pre-existing diseases and it can be handy in case of minor health issues, it may prove insufficient completely to see policyholder through major medical exigencies or in post-retirement life. The main drawback of this group cover is that, it may not insure his long term health requirements. If person decides to buy family health insurance online post retirement, then premiums would be very expensive.
Usually, insurance plans purchased at an early age are available with lower premiums since the individual is likely to be healthy as well as young with a clean claims record. On the other hand, in case person opts for an individual plan after retirement, he or she needs to pay exorbitant premiums because of the high possibility of adverse health situations.
Also, the advantages accrued over the past years would no longer be applicable. Generally, insurance companies in India give ‘no claim bonus’ to insured people who have claim free records, resulting to decreased premiums and cover for pre-existing diseases. This benefit accrued under the group coverage, would be end when employee retires and buys an individual plan.
It is more advisable to protect yourself along with an individual health insurance plan family floater policy at a young age, in addition to the group coverage. This is the most convenient way to keep healthcare plans affordable and serves better at an old age. The cover is still valid in case he switches his job.
Different companies provide different plans with various benefits, while some employers not give such coverage at all. An individual plan would make sure insured get continued cover against medical emergencies, irrespective of employment situation at the time. Many employers try to reduce health insurance costs and have also been decreasing their group health insurance policy benefits lately.
Plus, industry increases in group health insurance premiums, so policies become more expensive. Hence, employers need to think again about availing the benefits offered under healthcare plans. Such plan changes at workplace could reduce coverage, exposing person to more financial risks. Also, person requires considering the advantages offered under this policy.
Normally, group plan recompense for hospitalization costs. Some tertiary expenses may also incur which may not offered by a plan. Pre- and cost illness expenses such as consultation fees of a doctor, nursing care, ambulance charges, medical tests etc may be excluded from the group coverage but may include up to a specific sum.
Plus, some illnesses need expensive treatments which person can’t afford or he may lose his income. Employer’s regular group coverage would not handle this situation.
In case person has a personal health insurance in India, he or she can select riders to cover such eventualities. Insurance experts suggest buyers to get a critical illness plan that would give a specific allowance if insured is diagnosed with a critical illness.